The simple fact is that no real lessons have been learned from the 2008 crash and the 2012 AREF report.

Investors and IFAs had no real understanding of the true liquidity problems of daily trading in open-ended funds, where the underlying asset takes months to sell. Nor did they understand the convoluted, inconsistent directors’ valuation adjustment approach.

This saga brought the reputation of the UK real estate industry into global disrepute due to vested interests and incompetence.

The high fees and relative poor performance of PAIFs relative to REITs speaks volumes.

The investment market is moving quickly. Since the outcome of the EU referendum little more than 100 days ago, we have welcomed a new prime minister, interest rates have fallen and the FTSE has raced to 7,000 amid uncertainty about what Brexit will look like.